First Trust 532-Tax-Exempt Municipal Income - 2026 is a unit investment trust designed to deliver federally tax‑exempt monthly income while preserving capital through a fixed portfolio of investment‑grade municipal bonds with a defined termination in 2026. The trust aggregates bonds issued by U.S. states and local authorities to finance public projects such as education, transportation, utilities, and healthcare, providing diversified exposure to essential-service revenues and general obligation credit structures. As a regulated investment company, it distributes interest income that is generally exempt from federal income tax, with state and local tax treatment depending on investor residency and bond sources. The defined maturity framework offers a transparent duration profile and a path to principal return at trust termination, distinguishing it from open‑ended municipal funds. This structure appeals to investors seeking predictable, tax‑advantaged cash flows and clarity on interest‑rate sensitivity over a finite horizon, while maintaining investment‑grade credit quality and a rules‑based selection process typical of First Trust’s Tax‑Exempt Municipal Income series.
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